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Building Genuine Islamic Financial Institutions

Author

Listed:
  • Asad Zaman

    (Pakistan Institute of Development Economics, Islamabad)

Abstract

Since the spirit of Islam is in stark and violent conflict with the spirit of Capitalism, the form taken by institutions designed to express this spirit must also be different. Capitalist financial institutions are designed to support the process of accumulation of wealth, which is at the heart of capitalist societies. Central to Islam is the spirit of service, and spending on others, which is expressed by diverse, service-oriented institutions, radically different from those dominant in capitalist societies.

Suggested Citation

  • Asad Zaman, 2014. "Building Genuine Islamic Financial Institutions," PIDE-Working Papers 2014:111, Pakistan Institute of Development Economics.
    • Handle: RePEc:pid:wpaper:2014:111
    as

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    File URL: https://www.pide.org.pk/pdf/Working%20Paper/WorkingPaper-111.pdf
    File Function: First Version, 2014
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    References listed on IDEAS

    as
    1. Asad Zaman, 2014. "Islam versus economics," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 3, pages iii-iii, Edward Elgar Publishing.
    2. Mehmet Karacuka & Asad Zaman, 2012. "The empirical evidence against neoclassical utility theory: a review of the literature," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(4), pages 366-414.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Contingent Valuation Method; Binomial Logit Regression; Willingness to Pay; Solid Waste Management; Environment; Pakistan;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

    NEP fields

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